AFTER just a week of rollback, city council's committee on trade and commerce chair Councilor George Goking today said prices at domestic petroleum pumps will be on hefty upticks again by tomorrow Tuesday, March 29.
“The increases are due to renewed cost upswings in the world market,” he said.
Based on estimates of the oil companies, Goking said diesel prices will climb by as much as P7.95 to P8.15 per liter while kerosene prices will also be on significant increase of P8.10 to P8.30 per liter.
”Both the diesel and kerosene prices are seen to increase by around P8 per liter tomorrow,” said Goking.
The country nationwide, according to him suffered its 12th oil price hike in the last 13 weeks.
The industry players maintained that the new round of increases were due to the lingering conflict between Russia and Ukraine.
Global gas prices have seen massive spikes, said Goking adding that the country has only seen one price rollback this year, tallied only last week (March 22) at around P12 per liter for diesel.
Also last week, Goking said the government already started rolling out fuel subsidies to public utility vehicle drivers hardly hit by the price hikes.
Even if transport and consumer groups said this the subsidy was a band-aid solution to their problems, Goking said the review of oil deregulation law is necessary.
Government financial and economic managers, however, objected against suspending the excise tax, citing possible losses to an economy reeling from the COVID-19 pandemic.
Meanwhile, in Seaoil’s forecast, Goking said it showed diesel prices may also increase by P8.65 per liter and the kerosene prices will also hike by as much as P8.15 per liter.
Gasoline will have the lowest increase at P2.90 to P3.40 per liter, Seaoil posted in an advisory, he said.
Goking said the oil price hike came after a hefty rollback last Tuesday aimed at offsetting 11 weeks of consecutive increases.
“Gasoline prices will continue to rise as long as crude oil prices rise and consumers continue to pay the higher costs,” Goking explained as the government has nothing to do with oil hike.
“If other players can still sell their stocks at the same prices last week that would be much better,” Goking said, adding, he is continue appealing to oil firms to be more considerate specially at this time of pandemic.
He said that while subsidies from the government may help, the upcoming price hikes will likely be larger.
Goking also said, maintaining work-from-home arrangements may lower demand for fuel products. (Ben Balce)
